FAC Explorer

Finding 610584 (2022-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-03-29
Audit: 30452
Organization: Rust College, INC (MS)
Auditor: Booker T Camper JR CPA

AI Summary

  • Issue: Cash reconciliations were not done regularly, and the Voucher payable system was posted late to the General Ledger.
  • Impact: This led to inaccuracies in the General Ledger accounts each month.
  • Recommendation: Implement daily backups for the accounting system to prevent future data loss; management agrees and will enforce best practices.

Finding Text

Condition: Cash reconciliations were not prepared on a regular basis to complete the accounting cycle during the year and Voucher payable system was not posted to the General Ledger on a timely basis during the year. Criteria: Code of Federal Regulations PART 200, Subpart F. Green Book, GAO.gov, Compliance Supplements, July 2021. Effect: General Ledger accounts are not properly stated on a monthly basis. Cause: Accounting system was compromised due to power outage that resulted in data loss. Recommendations: New accounting system should be backed up daily to eliminate the possibility of data loss. Views of the Responsible Officials: Management concurs with finding 2202-001 and will mandate adherence to best practices as it relates to system back-up.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 34142 2022-001
    Significant Deficiency
  • 34143 2022-002
    Significant Deficiency
  • 34144 2022-001
    Significant Deficiency
  • 34145 2022-002
    Significant Deficiency
  • 34146 2022-001
    Significant Deficiency
  • 34147 2022-002
    Significant Deficiency
  • 34148 2022-002
    Significant Deficiency
  • 34149 2022-001
    Significant Deficiency
  • 34150 2022-002
    Significant Deficiency
  • 610585 2022-002
    Significant Deficiency
  • 610586 2022-001
    Significant Deficiency
  • 610587 2022-002
    Significant Deficiency
  • 610588 2022-001
    Significant Deficiency
  • 610589 2022-002
    Significant Deficiency
  • 610590 2022-002
    Significant Deficiency
  • 610591 2022-001
    Significant Deficiency
  • 610592 2022-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.031 Higher Education_institutional Aid $2.86M
84.268 Federal Direct Student Loans $2.29M
84.063 Federal Pell Grant Program $2.11M
84.007 Federal Supplemental Educational Opportunity Grants $543,742
84.033 Federal Work-Study Program $147,522
84.425 Education Stabilization Fund $40,545